The refinery plans to offer 4.1 billion ordinary shares at NGN 525 per share, potentially raising approximately NGN 2.15 trillion ($1.63 billion) if fully subscribed, according to a company statement reported by Reuters.

The order book is expected to open on September 14, while a formal signing ceremony with the Nigerian Exchange is scheduled for next week.

The Securities and Exchange Commission (SEC) has also registered the refinery company’s existing 120.13 billion ordinary shares, implying a valuation of around $47 billion. The initial public offering (IPO) will include a greenshoe option allowing the company to sell approximately 15% additional shares if demand exceeds the initial offering.

The 650,000-barrel-per-day refinery, located near Lagos, was built at a cost of around $20 billion. The facility has reshaped Nigeria’s fuel market and has benefited from global supply disruptions linked to the Iran war, exporting jet fuel to markets across Africa and Europe.

The majority shareholder is seeking to raise funds to double the refinery’s capacity to 1.4 million barrels per day (mmbbl/d). The company has already secured a $400 million underwriting commitment for the IPO.

Investor interest remains mixed over the refinery’s valuation. A private placement in July valued the business at approximately $40 billion, while some investors and analysts have questioned whether this is high compared with listed refiners such as Turkey’s Tupras, valued at about $12 billion, and US-listed HF Sinclair, valued at around $16 billion.

Dangote Group Chairman Aliko Dangote said he aims to make the refinery one of Africa’s largest companies, targeting more than $12 billion in earnings before interest, tax, depreciation and amortization (EBITDA).

Dangote, Africa’s richest man, with an estimated net worth of $31-35 billion, said the offering would target investors across the continent, including Nigerian retail investors, and described it as an “African listing” rather than solely a Nigerian transaction.